Gold Weakens Below 4700 as Market Digests Non-Farm Payroll Data

Deep News04-06

On April 6, gold prices are reacting to the release of last Friday's economic data. Due to the negative impact of the Non-Farm Payroll figures and the market closure for Good Friday, gold opened lower on Monday. The short-term trend remains weak, and after a corrective rebound, further declines are expected.

The appearance of a low at 4553 indicates that this level may serve as a key support point for future bullish momentum. If gold holds above this level, it could gradually recover recent losses. However, if it breaks below 4580, the trend may reverse. The recent high of 4800 remains a key resistance level, and a decisive break above it would confirm a medium-term upward trend.

Last Friday’s weekly review highlighted key resistance at 4700 and support at 4580. In early trading today, gold fell to 4600 before rebounding. Since multiple attempts to break above 4700 failed last week, selling pressure below this level is expected to persist at the start of this week. If gold breaks below the early session low of 4600, further declines are likely. However, if it stabilizes around the 4600/4580 support zone on a second decline, a long position may be considered. Patience is key—successful traders wait for the right opportunity to strike.

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

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